View more on these topics

Ascentric delays plans to offer annuities

Ascentric has delayed plans to add annuities to its platform this year, saying it underestimated the amount of work it has to do to be ready for the RDR.

In October, Money Marketing revealed that the Royal London-owned wrap planned to add annuities to the platform in 2012 following demand from advisers who wanted to aggregate more client assets.

Ascentric managing director Hugo Thorman (pictured) says: “Annuities almost certainly will not be available before 2013. We underestimated how much platforms are required to do in the short term to be ready for the RDR. Under the new rules, every client will need to receive information about all of the funds they are invested in, which is not a trivial thing to develop.

“At the moment, people joining platforms are not looking for an annuity, they are looking to carry on accumulating. It would be nice to have them on the platform but it is not essential right now.”

Research by technology company Dunston Thomas in May found almost two-thirds of adv-isers would transact annuity business through platforms if the service was widely available.

Transact, Aegon, Cofunds, Skandia and Nucleus are considering adding annuities but have not set out any timescales.

Novia, Fidelity, Aviva, Standard Life, Axa and Avalon say that they have no plans to offer annuities.

CWC Research senior partner Clive Waller says: “If I were building a platform, I would make all products available, including annuities and protection.”


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Interesting.

    If a fairly forward-looking firm like Ascentric is having RDR indigestion, what kind of mess are the legacy life companies in? Or are a large chunk of providers not going to facilitate adviser Charge at all? Now that would be “interesting”.

    As Sir Alex is found of saying “It’s squeaky bum time”.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm